House Majority Whip Tom Emmer argues that stablecoin bills should not enforce stringent anti-money laundering statutes on foreign issuers like Tether. He believes it limits competition unfairly.

Emmer criticizes the Bank Secrecy Act as outdated for blockchain, emphasizing that stablecoins are vital for market price stability. Current bills classify stablecoin issuers as banks under these regulations.

With Tether’s market cap over 144 billion USD, these legislative proposals pose significant challenges. Emmer insists on the necessity of transparent proof of reserves rather than strict compliance with the Bank Secrecy Act.